Saudi to cut oil exports by 500,000 barrels per day in December

Oil prices have staged a recovery, climbing above $70 a barrel after Saudi Arabia said the world's major crude producers agreed that supply needs to be significantly cut next year.

The fresh plunge comes as representatives from Opec and non-cartel members prepare to meet Sunday in Abu Dhabi to discuss a possible output cut to protect their revenues amid slumping prices. "We are not in the business of pinpointing a price going forward".

Global oil prices tumbled into a bear market last week, down more than 20% from their recent peak.

Crude prices jumped by as much as 2% on the prospects of reduced supply from OPEC.

Global oil supply has increased by 3.3% in 2018, while non-OPEC supply is growing faster and USA oil production is up in the double digits.

Producers implemented large cuts starting at the beginning of 2017 and managed to push up oil prices from below $30 a barrel to over $85 in October, strongly improving their revenues.

The group's caution arises partly from the unpredictability of Iranian supply. We also have 82 per cent of our exports made up of manufactured goods, so how can you say we're dependent upon oil revenue? Sanctions did not pull [oil] out of the market as many had anticipated.

"Sky-high production in the USA, coupled with incremental barrels coming from Saudi Arabia and Russian Federation is starting to impact oil market balances".

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The committee that oversees the 2016 OPEC+ agreement to manage supply met Sunday in Abu Dhabi.

"This (price fall) is great news for the externally challenged economies of Asia like Indonesia and Philippines, India too, and helps also where inflation has been a concern", Robert Carnell, chief economist and Head of Research at ING Asia, told the Reuters Global Markets Forum on Monday.

Mr Yergin said: "It's the big three, it's Saudi Arabia, Russia and the United States, this is a different configuration in the oil market than the traditional OPEC-non-OPEC one and so the world is having to adjust". Saudi Arabia is the de facto leader of the group.

West Texas Intermediate, the USA marker, climbed 0.9 percent to $60.75, paring its losses after falling into a bear market last week.

Dudley said the waivers had been unexpected, so the market had been readjusting.

As it cuts December shipments, the world's biggest crude exporter may struggle to convince others to follow.

Al-Falih said that demand for Saudi crude was weaker for the first time since the kingdom started boosting production in the May-June period. If Riyadh reduces daily exports by 500,000 barrels next month, it would effectively wipe out most of the production increases of the last six months. And even if the small Saudi cut doesn't immediately improve oil pricing, it may signal OPEC's intention to cut further in December.

Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of Petroleum Exporting Countries (OPEC) and its allies started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion.

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